Carbon dioxide (CO2) is a colorless and odorless gas, which is comparatively heavier than air. It is considered as a natural refrigerant for various applications due to its zero ozone depletion potential (ODP) and a global warming potential (GWP) of one. Carbon dioxide has an A1 safety classification, which highlights the fact that it has low toxicity and is non-flammable. CO2 can be used in two different ways for the process of refrigeration. The first is the cascade systems that are seen more often in North America, and the second way is transcritical CO2 systems that have now occupied a huge market in Europe. CO2 is gaining popularity in the last few years owing to its environmental-friendly properties. As a refrigerant, CO2 typically operates at a higher pressure than fluorocarbons and other refrigerants. CO2 has proved its efficiency as a refrigerant with low operating and maintenance costs in many countries, such as Denmark, Germany and the U.K.

The Global Transcritical CO2 market was valued at USD 4.90 Billion in 2014, which is expected to reach USD 30.70 Billion by 2020, at a CAGR of 40.2% during the forecast period from 2015 to 2020.This market research study provides a comprehensive review of the major market drivers, restraints, opportunities, winning imperatives, challenges, and key issues in this market. It is further segmented for major geographic regions, such as North America, Europe, Asia-Pacific, and RoW. Major countries with market volumes and shares are covered for each region. Competitive scenario and market share of the top players of this market have also been analyzed in detail. The top players of the industry are also profiled in detail, with their recent developments and other strategic industry activities. This market has also been segmented on the basis of application. The major applications for the transcritical CO2 market are supermarkets, heat pumps, food processing & storage facility, ice skating rinks, and others. All these applications have been discussed and analyzed in the report as well. The market share for the major market participants has also been provided in this report.

Leading players of this industry, with their recent developments and other strategic industry activities, have also been profiled in this report. The key participants in the global market include Hill Phoenix Inc. (U.S.), Carrier Commercial Refrigeration (U.S.), Green & Cool World Refrigeration AB (Sweden), and Carnot Refrigeration Inc. (Canada).

Scope of the Report: This research report categorizes the global transcritical CO2 market on the basis of application and region; while forecasting the respective volumes, market shares, and trends in each of the submarkets.

On the Basis of Application: This market is segmented on the basis of industry application as supermarkets, heat pumps, food processing & storage facility, ice skating rinks and others. Each application is further described in detail in the report with its respective volume and market share.

On the Basis of Region: This market is also segmented on the basis of region. The leading regions of this market are Europe, Asia-Pacific, North America, and RoW.

The Global Transcritical CO2 market was valued at USD 4.90 Billion in 2014, which is expected to reach USD 30.70 Billion by 2020, at a CAGR of 40.2% during the forecast period from 2015 to 2020.

Transcritical CO2 is an innovative and efficient technology that is used for refrigeration and heating purposes. Transcritical systems use carbon dioxide as the primary fluid for refrigeration and heating. The initial installation cost of these systems is comparatively higher than that of a conventional system that uses an HFC-based refrigerant. However, the operational cost for a transcritical CO2 system is much lesser. Apart from the affordable operation cost, the other key feature of this system is its extreme efficiency in water heating pumps. There are more than four million transcritical CO2 domestic water heat pumps installed all over the world.

North America is the fastest-growing market as there are more than 36,000 supermarkets in this region and the supermarkets segment is the biggest (excluding domestic heat pumps) application for transcritical CO2 systems, which accounted for 75.9% in 2014. In Canada, transcritical CO2 is rapidly becoming an established commercial refrigeration technology.

Europe was the biggest market for transcritical CO2 systems with a market share of 83.2%, in terms of number of installations, and 84.1% in terms of market value during the year 2014. The European market is expected to grow at a CAGR of 42.1% during the forecast period from 2015 to 2020 to reach USD 26.00 Billion, in terms of market value. One of the prominent reasons for this growth is the low ambient temperature in the European continent, which is most suitable for transcritical CO2 systems.

One of the key applications of transcritical CO2 market is heat pumps segment, which accounted for 14.1% of the market share in 2014. Asia-Pacific is the biggest consumer of transcritical CO2 heat pumps in the world, with Japan as the global leader in this segment. The heat pumps segment is expected to grow at a CAGR of 26.5%, by value, during the forecasted period from 2015 to 2020 to reach USD 2.23 Billion by 2020.

The supermarkets segment is also projected to grow at a CAGR of 42.1%. This growth could be attributed to the large number of supermarkets, which still rely on HFC for refrigeration and would have to shift to other natural refrigerant with transcritical CO2 system coming up as the best alternative. In addition, huge investments were made in the last few years by key companies, such as Hill Phoenix Inc. (U.S.), Carrier Commercial Refrigeration (U.S.), Green & Cool World Refrigeration AB (Sweden), and Carnot Refrigeration Inc. (Canada) to meet the future demands of transcritical CO2 arising from the phase-out initiatives for HCFC- and HFC-based refrigerants across the globe.

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